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Denver Business Journal
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Pipeline stake sold in $1.28B deal
Houston-based Phillips 66 (NYSE: PSX) has unloaded its interest in a major U.S. pipeline in a deal with a Denver-area company.<\p> Phillips 66 sold its 25% non-operated common equity interest in Rockies Express Pipeline LLC to a subsidiary of Tallgrass Energy LP in a transaction valued at $1.275 billion and that was expected to close June 14.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Meet the chef that brought Detroit-style pizza to Denver
It’s been a big year for Jeffrey Smokevitch, the man who helped bring Detroit style pizza to Denverites.<\p> Blue Pan Pizza, which opened its first location in 2015 in an 800-square-foot building in the Highlands neighborhood, celebrated its third location opening in December 2023 in downtown Golden. <\p>
Revival of Colfax motel property underway amid changes
Renovations at an old motel on Colfax Avenue in Denver are underway, but plans for the building look different than they did two years ago when the property was purchased.<\p> Denver developer Nathan Beal bought the motel property at 5500 E. Colfax Ave., east of downtown, for $1.82 million in June 2022, according to public records. A month later, he revealed plans to convert the motel — named La Vista Motel — into residential living units.<\p>
University buys movie theater for housing
Colorado’s largest public university has spent millions on a new property where it says it plans to build more housing for its students and staff.<\p> The regents of the University of Colorado Boulder on May 14 purchased property in Louisville that, until recently, was the site of the Regal Cinebarre Boulder movie theater.<\p>
Colorado leaders vow to limit new AI law
Just one month after Colorado Gov. Jared Polis signed a bill into law that regulates artificial intelligence, he and other state leaders vow to change it.<\p> Polis, Colorado Attorney General Phil Weiser and State Senate Majority Leader Robert Rodriguez sent an open letter on Thursday addressed to consumers and industry players impacted by the new law, which tackles instances of discrimination by AI.<\p>
How corporate money helped Denver Pride evolve
Five decades ago, roughly 50 people marched down Denver’s Colfax Avenue in protest of the June 1969 police raid of the Stonewall Inn, a gay bar in New York City's Greenwich Village.<\p> It was the start of an annual tradition that continues to grow year-after-year. These days, hundreds of thousands of people pour into Denver’s streets for the annual Pride celebration, ushering in millions of dollars in economic development for the city each year.<\p>
Alamo Drafthouse bought by industry giant
After a rough couple of years, a Texas-based chain of movie theaters with locations in Colorado has a new owner.<\p> Alamo Drafthouse Cinema LLC has been bought by Sony Pictures Entertainment Inc., according to a June 12 announcement. Alamo Drafthouse will keep its CEO, Michael Kustermann, and headquarters in Austin and will be managed by Sony's newly established division called Sony Pictures Experiences.<\p>
Ex-CU athletic director lists Boulder estate
A former University of Colorado athletic director put his 23-acre Boulder County estate back on the market this month for $6.925 million. <\p> The estate features a 6,793-square-foot ranch-style home, a 4,000-square-foot indoor gymnasium, a horse barn and acres of fenced pastures. <\p>
Soaring Denver homebuying costs outpacing rent, CBRE finds
Homeownership is becoming increasingly inaccessible for many would-be-buyers in Denver as the rise in mortgage expense outpaces rent increases, a national study finds.<\p> Mortgage payments cost the average Denverite $3,692 monthly while the median rent was $1,891 monthly during the first quarter of 2024, according to an analysis published this quarter by real estate giant CBRE. <\p>
Frontier Airlines expands service at 9 airports
Denver-based Frontier Airlines will add more nonstop flights at nine U.S. airports starting in August and will charge as little as $19 during an introductory promotion.<\p> The new flights will depart from airports in Atlanta, Boston, New York City, Las Vegas, Los Angeles, Dallas, San Diego, Sacramento and Charlotte, North Carolina, the airline said in a news release Thursday. <\p>
Major office development opens in Denver's RiNo (Photos)
After two years of construction, a new Class AA office building has opened in Denver’s River North Art District. <\p> Paradigm River North, 3400 Walnut St., is an eight-story, 200,000-square-foot office building that project designers say attempts to blend the area’s industrial history with a sophisticated office aesthetic. <\p>
This neighborhood might be Denver’s next general improvement district
Denver might soon be home to another general improvement district, one that helps fund public safety and other services in the unofficial Ballpark Neighborhood District encompassing the Coors Field baseball stadium. <\p> The Ballpark GID, if approved by the Denver city council and voters within the district in November, would be the fifth general improvement district in Denver. It would provide additional services to nearby businesses and residents including trash and recycling; dedicated police patrols and 24-hour security; homeless outreach and navigation; and maintenance and improvement projects.<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Changes remake part of Denver developer's project in Seattle
A restaurant, a coffee house, a corner market and a bike shop have closed at a Denver developer's project remaking a whole block of Seattle's Pioneer Square neighborhood.<\p> The four businesses opened on the ground floor of 115 S. Jackson St. starting in November 2022. They were part of a full-block development known as RailSpur from Denver-based Urban Villages meant to help revitalize the historic neighborhood with new retail, a hotel, housing and office space.<\p>
Exec 'bullish' on bank's Colorado growth after $2B merger
Paul Williamson is pretty calm for a banking executive about to lead employees through the largest deal of his company's history. <\p> Williamson, president of regional banking for Kansas City-based UMB Financial Corp., acknowledges that he will have his hands full in the months ahead. UMB in late April announced its plans to merge with Denver-based Heartland Financial USA Inc. in a deal valued at $2 billion.<\p>
The Playbook: The common pay threads for high-performing companies
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
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